You are here: Home » Economy & Policy » News
Business Standard

Jobless growth claims 'bit bogus': Arvind Panagariya

He says economy cannot grow at such a rapid pace without adding new jobs and investment

Topics
Jobless Growth

Press Trust of India  |  Gandhinagar 

NITI Aayog Vice-Chairman Arvind Panagariya. Photo: Kamlesh Pednekar
NITI Aayog Vice-Chairman Arvind Panagariya. Photo: Kamlesh Pednekar

NITI Aayog Vice-Chairman Arvind Panagariya on Sunday said the claims of are "bit bogus", as the economy cannot grow at such a rapid pace without adding new jobs and investment.

"There are lot of claims that we are experiencing a Big debate is going on about this issue since some time. I think that this kind of assertion is bit bogus," said Panagariya, speaking at the valedictory function of 'Textiles India 2017' at Mahatma Mandir in Gandhinagar.

"We have been growing at 7 to 8 per cent. And, when you are saying that new jobs as well investment is not happening, then you are claiming that our productivity is growing so rapidly each year with same resources," he said.

"I have never heard about any country where growth of 7 to 8 per cent is happening without new investment or labour. So the claims of cannot be logically correct," said the acclaimed economist.

NITI Aayog is focusing on the development of India's vast coastline to generate employment and attract export-oriented firms, as in China, he said.

"NITI Aayog is promoting some coastal zones for setting up export-oriented units, just like China. If they can do it, there is no reason why we cannot. That is why we are promoting some Coastal Employment Zones. We hope that textile sector will be the leading industry in setting up units here," he said.

The Indian economy will become the third largest economy within the next 15 years, Panagariya said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, July 03 2017. 02:44 IST
RECOMMENDED FOR YOU
.